Why Should You Have A Will And Last Testament? Know Components Of A Will And How to Draw A Will

Will is a legal declaration of the intention of a person (testator) with respect to his property or estate, which he desires to take effect after his death.

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Most of us get busy with wealth creation and managing it that often the aspect of drawing a Will gets ignored. There are times when people tend to forget the importance of estate planning, and especially making a Will. It is a critical component of financial planning, and also because there is no control over our lives, hence it becomes all the more important to clearly define a Will. What is a Will? It is a legal declaration of the intention of a person (testator) with respect to his property or estate, which he desires to take effect after his death. Even as a Will is a legal document, there is no particular format for the same, as the requirement and content could differ from individual to individual. You do not need to write a Will on a stamp paper, and it can be also typed or handwritten. However, a handwritten Will is preferred, as it is more difficult to refute in a court of law. What are the things to keep in mind? The Will must be executed by the testator, i.e., the person making the Will (or by some other person in the testator’s presence and under his directions. Also note that in case it is not possible for the testator to affix his signature then a thumb impression can also be used. Remember the Will should be signed by the testator in the presence of two witnesses (other than the beneficiaries under a Will), and the witnesses must also attest (i.e., sign). Another important thing to remember that registration of Wills is not compulsory in India. A Will is not a compulsorily registerable document under section 17 of the Registration Act, 1908, (Act), and according to section 18 (e) it is the testator’s choice as to whether he wishes to register it. Though registration of the Will is not compulsory, it can be registered with the registrar. Although an unregistered Will is totally valid, a registered Will carries more weightage for approval and is more effective incase contested in a court of law. Once a Will is registered, it is put in the safe custody of the Registrar and cannot be tampered with, destroyed, mutilated or stolen. However, non-registration of a Will does not lead to any inference against its genuineness. There is no need to execute it before a notary public. All assets that a person owns should ideally be included including shares, bank lockers, bank accounts, PF (Provident Fund) details, insurance policies and digital assets as well.  It is important to figure out the beneficiarie starting your spouse to be the sole or the major beneficiary, your children and so on. While assets like house, land, cash, or jewellery are easy to recollect, other assets can also be added. How to draw a will? It is a simple procedure if the assets are few and ownership is clear and can also be written by hand. Various formats of Wills are available online; you could see a few and treat that as a starting point. The only thing is that it has to be executed by the testator, by signing or affixing his thumb impression on it. It should be attested by two or more witnesses, in whose presence the testator signs the Will. Can you make an e-will? One convenient way of making a Will on your own is to make it online. EzeeWill.com, HDFC Securities-eWill, WillJini.com, and some others provide these services. You can register, pay and make the Will using one of the available formats, or you can seek further assistance. The cost will vary as per the website you chose to create the Will. Whether you make a Will online or offline, some rules are common like for a Will to be valid, it has to be signed by two witnesses. It is important that the Will is comprehensive and clearly worded, since a registered Will can also be contested. Appoint an executor, whose responsibility will be to ensure instructions are carried out.